Commodity Market Update (Gold)

Precious Metals are trading strong on the first day of the week – Gold is trading at 1722 an ounce, up 7.3 or 0.43% and Silver is higher by 24 cents, almost a percent at 32.61 an ounce. Domestic prices are slight weak due to the stronger rupee which is currently trading at 55.01, up 15 paise against the dollar; MCX Gold is at 31632.0 per ten grams, down 8 points while Silver is at 61063 per kilogram, up 183 points from last close. The intraday bias is neutral for precious metals today. Base Metals traded on London Metal Exchange (LME) are higher except Aluminum which is at 1953.25 a ton. Three month Copper and Nickel are the highest gainers adding almost a percent to trade at 7690.0 and 16150 a ton respectively. On MCX, prices are steady in green despite a stronger rupee with Copper adding 1.45 to 423.25 and Nickel up 3 points to trade at 887.0 since morning. Base Metals may move higher during the day supported by Existing Home Sales data which is expected to have improved to 4.76 Mln from 4.75 Mln in the month of October. Under the Energy group, both Oil and Gas prices are higher by about a percent at 87.74 a barrel and 3.82 per mmBtu. Crude Oil prices continue to remain in a range with resistance coming into play at 89.0 whereas Natural Gas seems to be trading with a slight positive which should extend over the week. On MCX, prices are weaker due to the rupee – Crude Oil is trading at 4857.0, up 11 points while Natural Gas is at 210.60, up 1.30 at the time of writing this.

Key Economic Releases : Existing Homes Sales (October)